Most people are familiar with prenuptial agreements, but they may believe that these agreements are only for the wealthy. This is not true; middle-class couples are more likely than ever to sign a prenuptial agreement than in the past.
A prenuptial agreement can be helpful for people in all income brackets to protect their assets if divorce happens. Learn more in this article, then, to protect your assets from division during a divorce, please contact our prenuptial agreement attorney in Chicago today.
Prenuptial Agreement Overview
A prenup is a written agreement between potential spouses before they are married. It usually details how the couple will handle assets, debts, and other financial matters if they divorce. The agreement takes effect once the couple is married.
While some may think that entering a prenuptial agreement signals uncertainty about the relationship, the agreement can help spouses avoid disagreements about property and can even enhance happiness during the marriage.
A common reason that people enter a prenup is if they have children from another marriage. If you get divorced and have children from another marriage or relationship, a prenuptial agreement may protect your inheritance. Also, you may have continuing obligations (child support, college expenses, health care, etc.) for those children and a prenup can make sure that you are able to satisfy those obligations without putting you in a dire financial situation.
Also, if you have retirement accounts or a business you owned before the marriage, it is wise to protect those assets from division if there is a divorce. Plus, you could want to decide in advance what will happen to a specific property that you buy during the marriage such as a home you are purchasing with funds you had before your upcoming nuptials.
Having a prenuptial agreement allows both of you to have more control over how assets and debts are divided, rather than leaving it up to an uncertain outcome in court.
Issues An Illinois Prenuptial Agreement Can Decide
An Illinois prenuptial agreement can protect you in many ways if you divorce. Some of these are:
- Whether a spouse will pay alimony after a divorce, including how much and how long.
- Each partner’s property ownership after a divorce.
- Each partner’s right to sell, use, manage, transfer, or dispose of property.
- Either partner’s obligation to leave the other property upon death.
- Either partner’s death benefit ownership rights from the other party’s life insurance.
- Which state laws apply to the prenuptial agreement if there is a dispute.
Prenuptial agreements are drafted and signed before the marriage. However, spouses can amend the agreement at any time. If there is a change, a prenuptial agreement amendment has to be in writing, and both parties must sign it. You can also revoke the agreement if both parties agree and sign.
However, a prenuptial agreement cannot decide child support or custody matters. Issues related to support, custody or other child-related issues must be approved by a judge who must decide if the parents’ agreement meets the legal standards and is in a child’s best interest.
Contact Our Prenuptial Agreement Attorney In Chicago
Suppose you are getting married and have assets you want to protect in case of divorce. Then, it is worth considering a prenuptial agreement, which can protect your property and income in divorce proceedings. Please contact our prenuptial agreement attorney in Chicago Michael C. Craven for legal assistance with your prenuptial agreement at (312) 621-5234.
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